Good morning Tony Ray,
Mark and I are wanting to begin our search for a home. I’ve heard that getting into a new home in a new development is much easier than finding an existing pre-owned home. We would prefer the latter. He’s not too keen on the proximity of these new homes to each other, not to mention the hoa’s. Does this have any truth to it? I’ve heard special offers on the radio and from friends.
(ie.. $10,000 towards closing costs, boats, pools, big screen tv’s, etc..)
Some new homes are offering crazy incentives, but only to compete with what you get in the resale market. The resale market has come down in price, so there are a lot of great buys. There are a lot of things to look at when it comes to resale vs. new construction.
When you’re ready, we can sit down and decide what is best for you. As a buyers agent, I can help you with both resale and new construction and the nice thing is that it does not cost you anything more either way. My fees are already agreed to be paid by the seller of either type home.
Something to consider, when you buy a resale, you usually get the window treatments, backyard landscaping and other upgrades that the seller has put into the home. When you buy new construction, you usually need to purchase things like window treatments and backyard landscaping. It may be more important to get the necessities rather than a boat or TV.
Now, either one requires the same loan, so that is the first step no matter what. FHA is offering the loans requiring the lowest FICO scores right now. So most people are going FHA.
It would be worth it to call a lender and find out where you stand. If something needs fixed, they can help you get started on repairing your credit.
Last but not least, most homes have HOA’s. Some are good and some are not so good. Depends on the neighborhood. Statistically, homes with HOA’s appreciate better than homes without. Some lenders will not loan on a home without an HOA.
Hope I answered your questions, let me know.